Retail chain TFG group – which owns Markham and Foschini, among others – says it has received record numbers of new credit applications for its TFG credit accounts this financial year, as cash-strapped consumers face continued pressure.

However, TFG, which released its interim results to 30 September on Friday, approved just 17% of applications received.

Credit account applications have steadily increased to more than 2 million since the pandemic, while the acceptance rate decreased from 20% to 17% this year. Bad debts have also increased by 7% to R667 million, with overdue payments (missing two or more credit payments) standing at 13%.